With Sony slashing the prices of its PlayStation 3 consoles, Microsoft has come out with a price cut of its own for Xbox 360s, reducing the prices by $50 to $350 per unit. 

Though situated comfortably in the next-gen console race, Microsoft has been unable to replicate the magic of Ninento's Wii console, which is being lapped up by young and old alike. Sony's PS3 has been a loss making business for the company, as the pre-release favorite console saw a slump in sales right from the launch and the company has incurred heavy losses on the console.

As on August 8, the premium Xbox 360 console will cost around $349 while the Xbox 360 Core, which has no hard drive included, will be cheaper by $20 to $279. Microsoft has even reduced the price of its Xbox 360 Elite with high-definition video to $449, down from $499.

Announcing the price cut, Mitch Koch, the corporate vice president of the entertainment and devices division at Microsoft said, "The fact that we have been able to keep our launch price longer than any other console while retaining our leadership position demonstrates that consumers believe in the value of Xbox 360."

A new batch of customized consoles are also up for grabs, with the main attraction being the Xbox 360 Halo 3 Special Edition Console, which is being released ahead of the most awaited game this year.

The console will feature a 20GB hard disk along with a headset and a Play and Charge Kit. The colse will be shipped in authentic Spartan green-and-gold finish and will also be accompanied with a matching controller. The special edition console will be available for around $400.

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